Bausch + Lomb (BLCO) Q4 2025 earnings summary

Executive summary

• Achieved record Q4 and full year results, with Q4 revenue of $1.405 billion (up 10% year-over-year, 7% constant currency) and full-year revenue of $5.101 billion (up 6%, 5% constant currency), driven by strong operating leverage and execution of strategic initiatives.

• Adjusted EBITDA reached $330 million in Q4 (up 27% year-over-year) and $891 million for the year, both all-time highs, with significant margin expansion.

• GAAP net loss for FY25 was $360 million, with a net loss margin of 7.1%.

• Strong growth in Vision Care, premium IOLs, and dry eye portfolio, with MIEBO sales of $112 million in Q4 and $316 million for the year.

• Executed on 3-year plan, achieving 2025 targets for revenue and margin expansion.

Financial highlights

• Q4 revenue: $1.405 billion, up 7–10% year-over-year; full year revenue: $5.101 billion, up 5–6%.

• Q4 adjusted EBITDA: $330 million, up 27% year-over-year; full year adjusted EBITDA: $891 million.

• Q4 adjusted EBITDA margin: 23.5%, up 330 basis points year-over-year; full year margin: 17.5%.

• Adjusted EPS: $0.32 in Q4, $0.43 for the year; GAAP net loss for FY25 was $360 million.

• Adjusted cash flow from operations: $152 million in Q4, $381 million for the year; capex: $349 million for the year.

Outlook and guidance

• 2026 revenue guidance: $5.375–$5.475 billion, representing 5–7% constant currency growth.

• Adjusted EBITDA guidance: $1.0–$1.05 billion, ~19% margin at midpoint, ~15% year-over-year growth.

• Adjusted gross margin expected at ~62%; R&D investment at 7.5–8% of revenue; CapEx projected at $285 million.

• Seasonality expected to be more pronounced, with Q1 lowest and Q4 highest due to dry eye franchise growth.

• Foreign exchange tailwinds expected to add $30 million to revenue; nominal impact on adjusted EBITDA.